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Thread: First Fuel Bank
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05-08-2006, 08:22 AM #1
First Fuel Bank
This is an interesting concept. Here is a company located in MN. If you fear rising fuel prices, you can "buy in" right now at the current price, and fuel up later when prices are higher.
http://www2.firstfuelbank.com/
I'm not sure how they make their money though. Maybe if prices go down, and people are locked in at the higher rates?
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05-08-2006 08:22 AM # ADS
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05-08-2006, 08:27 AM #2
Re: First Fuel Bank
Originally Posted by Sombeech~Jason
Man who run behind car become exhausted...
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05-08-2006, 09:44 AM #3
Do you have to buy through them when the prices go down? or can you just pay cash? Then when prices go up buy with them.
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05-08-2006, 10:26 AM #4
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They probably take your money and invest in oil futures.
This isn't a big company (in other words, they don't do their own drilling, capture and manufacture) so most likely they are buying from one of the big boys, but in huge bulk quantity, therefore discounted prices. When I was a dealer for Shell Oil Co back in New Orleans, 3 different companies pulled their loads from one bulk plant supplier. Exxon, Shell and Tenneco (the "cheap" gas). One bulk plant, same gas, different oil companies, varied prices on the street. Go figure.
While I am not a fan of these high gas prices, it's better than dealing with a gas shortage. People are having to self regulate. I worked for my Dad during the first gas shortage, and had my own location during the second one. Fist fights broke out and people tried to bribe me on a daily basis to let them come in after we were shut down (there was a $25K Federal fine if you got caught doing such!) We had a certain allocated amount we could sell each day, and we were usually out of our allotment within 3 hours of opening. The rest of the day, the business sat idle with no ancillary services being sold. People think that the Dealer (owner) cleans up when prices are high. This is a huge misconception. Whether you are paying $2 a gallon or $3 a gallon, odds are, the Dealer's pool margin (averaging of prices for all product sold) stays the same. Unfortunately, the Dealer will suffer financial loss because of the high gas prices. All other sales in his location will drop because people can't afford the $6 wash on top of a $45 fill-up. These types of services along with the convenience store, make up what their actual salaries are. Gas profit basically pays for overhead and that's it.
So, in other words, be nice to your local gas station owner. He/She can't help the high prices and gets VERY tired of being bitched out all day long for something that is being their control.Never regret anything that made you smile!
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05-08-2006, 10:59 AM #5Originally Posted by savanna3313
Originally Posted by savanna3313~Jason
Man who run behind car become exhausted...
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05-08-2006, 11:09 AM #6
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What I meant by self-regulating, is that when prices get high enough, there won't be the need to worry about a gas shortage because people just won't be able to afford to drive in the same capacity in which they are accustomed. But, gas shortages are always temporary anyway, and once they occur and are over, immediately there is all the gas supply in the world available again. Politics and more politics.
As for the oil companies posting the profits they are right now, you would think that they would almost be afraid and/or ashamed to post that $9 B profit for the first quarter while raising prices to the consumer on what seems like a daily occurance.
It's good to know you seem to have an intelligent grasp of the situation.Never regret anything that made you smile!
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05-08-2006, 11:22 AM #7Originally Posted by savanna3313~Jason
Man who run behind car become exhausted...
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05-08-2006, 11:35 AM #8
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Originally Posted by derstukaNever regret anything that made you smile!
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05-08-2006, 11:41 AM #9Originally Posted by savanna3313~Jason
Man who run behind car become exhausted...
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05-08-2006, 03:26 PM #10
Yup, yup! I have been driving my motorcycles to work getting 45-50 mpg. Then my wife drives our car (prius) and gets 50 mpg. We are combating the prices pretty well. However, I had to pay a hefty fee to get my BMW motorcycle. Just don't explain things to my wife....remember it was bought to save gas.
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05-08-2006, 04:38 PM #11Originally Posted by accadaccaIt's only "science" if it supports the narrative.
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